NPORT-EX 2 BRFSGE0BRAdvSmCapGrwthFd.htm
Schedule of Investments (unaudited)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Common Stocks
Aerospace & Defense — 0.6%
Aerojet Rocketdyne Holdings, Inc.(a)(b)
      39,807 $ 1,577,949
AeroVironment, Inc.(a)
       3,098 246,694
Astronics Corp.(a)
      19,901 210,154
Kratos Defense & Security Solutions, Inc.(a)
      19,691 307,770
Mercury Systems, Inc.(a)
       7,551 593,962
Moog, Inc., Class A
      24,166 1,280,315
      4,216,844
Air Freight & Logistics — 0.4%
Forward Air Corp.
      24,190 1,205,146
Hub Group, Inc., Class A(a)
      28,487 1,363,388
      2,568,534
Airlines — 0.0%
Allegiant Travel Co.
       1,197 130,724
Auto Components — 1.5%
Dorman Products, Inc.(a)
      10,698 717,515
Fox Factory Holding Corp.(a)(b)
      28,494 2,353,889
LCI Industries
      32,707 3,760,651
Standard Motor Products, Inc.
      15,882 654,339
Visteon Corp.(a)
      28,526 1,954,031
XPEL, Inc.(a)
       3,594 56,210
      9,496,635
Banks — 0.5%
Atlantic Union Bankshares Corp.
  4 93
BancFirst Corp.
  21,572 875,176
Central Pacific Financial Corp.
  51,050 818,332
First Community Bankshares, Inc.
  514 11,539
First Financial Bankshares, Inc.
  26,369 761,800
First Financial Northwest, Inc.
  7,677 74,390
Republic First Bancorp, Inc.(a)
  65,929 160,867
TriState Capital Holdings, Inc.(a)
  18,262 286,896
      2,989,093
Beverages — 0.3%
Boston Beer Co., Inc., Class A(a)(b)
  1,633 876,350
Coca-Cola Consolidated, Inc.
  232 53,172
National Beverage Corp.(a)
  12,870 785,327
      1,714,849
Biotechnology — 18.0%
ACADIA Pharmaceuticals, Inc.(a)
  12,177 590,219
Acceleron Pharma, Inc.(a)(b)
  4,534 431,954
Aduro Biotech, Inc.(a)
  94,824 219,043
Adverum Biotechnologies, Inc.(a)(b)
  25,815 539,017
Affimed NV(a)
  69,049 318,661
Agenus, Inc.(a)
  231,895 911,347
Aimmune Therapeutics, Inc.(a)(b)
  7,011 117,154
Akcea Therapeutics, Inc.(a)
  13,643 186,909
Akebia Therapeutics, Inc.(a)
  96,097 1,304,997
Akero Therapeutics, Inc.(a)(b)
  9,699 241,699
Albireo Pharma, Inc.(a)
  4,212 111,576
Alector, Inc.(a)
  55,677 1,360,746
Allakos, Inc.(a)
  9,805 704,587
Allogene Therapeutics, Inc.(a)
  34,587 1,481,015
Altimmune, Inc.(a)(b)
  21,648 231,850
Amicus Therapeutics, Inc.(a)
  143,924 2,170,374
AnaptysBio, Inc.(a)(b)
  4,087 91,304
Apellis Pharmaceuticals, Inc.(a)
  39,183 1,279,717
Applied Therapeutics, Inc.(a)
  2,731 98,726
Arcturus Therapeutics Holdings, Inc.(a)
  8,651 404,348
Arcus Biosciences, Inc.(a)(b)
  41,356 1,023,147
Security   Shares Value
Biotechnology (continued)
Arena Pharmaceuticals, Inc.(a)(b)
      12,439 $ 783,035
Arrowhead Pharmaceuticals, Inc.(a)
      74,417 3,214,070
Atara Biotherapeutics, Inc.(a)
      61,841 901,023
Athenex, Inc.(a)(b)
      39,788 547,483
Athersys, Inc.(a)(b)
     147,672 407,575
AVEO Pharmaceuticals, Inc.(a)
      21,859 112,574
Avrobio, Inc.(a)
       9,726 169,719
Beam Therapeutics, Inc.(a)(b)
      13,363 374,164
Beyondspring, Inc.(a)
      19,704 297,136
BioCryst Pharmaceuticals, Inc.(a)
     181,081 862,851
Biohaven Pharmaceutical Holding Co. Ltd.(a)(b)
      24,453 1,787,759
Bioxcel Therapeutics, Inc.(a)
       1,843 97,697
Blueprint Medicines Corp.(a)
      33,377 2,603,406
Bridgebio Pharma, Inc.(a)
      61,570 2,007,798
Calithera Biosciences, Inc.(a)
      79,326 418,841
CareDx, Inc.(a)
      28,400 1,006,212
Castle Biosciences, Inc.(a)
      10,868 409,615
Catabasis Pharmaceuticals, Inc.(a)
       9,186 59,066
Cellular Biomedicine Group, Inc.(a)
       7,376 110,419
ChemoCentryx, Inc.(a)
      20,542 1,181,987
Chimerix, Inc.(a)
      37,592 116,535
Cidara Therapeutics, Inc.(a)
      25,698 94,826
Clovis Oncology, Inc.(a)(b)
      47,167 318,377
Coherus Biosciences, Inc.(a)
  48,977 874,729
Constellation Pharmaceuticals, Inc.(a)
  4,712 141,596
Corbus Pharmaceuticals Holdings, Inc.(a)
  45,640 382,920
Cortexyme, Inc.(a)
  1,463 67,737
Corvus Pharmaceuticals, Inc.(a)(b)
  53,237 144,805
Crinetics Pharmaceuticals, Inc.(a)
  15,058 263,816
Cue Biopharma, Inc.(a)
  44,934 1,101,332
Cytokinetics, Inc.(a)
  44,823 1,056,478
CytomX Therapeutics, Inc.(a)
  73,685 613,796
Deciphera Pharmaceuticals, Inc.(a)
  24,332 1,453,107
Denali Therapeutics, Inc.(a)
  39,504 955,207
Dicerna Pharmaceuticals, Inc.(a)
  22,391 568,731
Dynavax Technologies Corp.(a)(b)
  24,261 215,195
Eagle Pharmaceuticals, Inc.(a)
  5,923 284,186
Editas Medicine, Inc.(a)
  57,028 1,686,888
Eidos Therapeutics, Inc.(a)
  7,118 339,315
Eiger BioPharmaceuticals, Inc.(a)
  39,131 375,658
Emergent BioSolutions, Inc.(a)(b)
  38,269 3,026,312
Enanta Pharmaceuticals, Inc.(a)
  13,116 658,554
EPIRUS Biopharmaceuticals, Inc.(a)
  6,060 15
Epizyme, Inc.(a)
  51,450 826,287
Esperion Therapeutics, Inc.(a)(b)
  6,028 309,297
Exact Sciences Corp.(a)
  1,710 148,667
Fate Therapeutics, Inc.(a)(b)
  59,773 2,050,812
FibroGen, Inc.(a)(b)
  62,552 2,535,233
Flexion Therapeutics, Inc.(a)(b)
  58,707 771,997
Forte Biosciences, Inc.(a)
  2,723 39,701
Fortress Biotech, Inc.(a)
  36,884 98,849
Frequency Therapeutics, Inc.(a)(b)
  24,741 575,228
G1 Therapeutics, Inc.(a)
  13,865 336,365
Galera Therapeutics, Inc.(a)
  6,942 49,566
Gossamer Bio, Inc.(a)(b)
  32,041 416,533
Halozyme Therapeutics, Inc.(a)(b)
  115,922 3,107,869
Harpoon Therapeutics, Inc.(a)(b)
  44,065 731,479
Heron Therapeutics, Inc.(a)
  76,405 1,123,918
Homology Medicines, Inc.(a)(b)
  15,730 238,939
Hookipa Pharma, Inc.(a)
  9,981 115,979
ImmunoGen, Inc.(a)
  53,109 244,301
Inovio Pharmaceuticals, Inc.(a)(b)
  108,115 2,913,699
 
1
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Biotechnology (continued)
Insmed, Inc.(a)(b)
      48,391 $ 1,332,688
Intellia Therapeutics, Inc.(a)(b)
      58,127 1,221,830
Intercept Pharmaceuticals, Inc.(a)(b)
      22,930 1,098,576
Invitae Corp.(a)
      71,687 2,171,399
Iovance Biotherapeutics, Inc.(a)
      11,623 319,051
Ironwood Pharmaceuticals, Inc.(a)
     137,150 1,415,388
Jounce Therapeutics, Inc.(a)
      20,195 139,345
Kadmon Holdings, Inc.(a)
      72,096 369,132
KalVista Pharmaceuticals, Inc.(a)
      11,454 138,593
Karuna Therapeutics, Inc.(a)
       5,895 657,057
Karyopharm Therapeutics, Inc.(a)
      49,321 934,140
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)
       8,718 222,135
Kodiak Sciences, Inc.(a)(b)
      13,330 721,420
Krystal Biotech, Inc.(a)
       5,939 245,993
Kura Oncology, Inc.(a)
       5,956 97,083
Ligand Pharmaceuticals, Inc.(a)
      15,155 1,695,087
MacroGenics, Inc.(a)(b)
      34,416 960,895
Madrigal Pharmaceuticals, Inc.(a)
       4,494 508,945
Magenta Therapeutics, Inc.(a)
       4,279 32,135
MannKind Corp.(a)
      36,764 64,337
MEI Pharma, Inc.(a)
      31,700 130,921
MeiraGTx Holdings PLC(a)
      12,891 161,395
Mersana Therapeutics, Inc.(a)
      12,787 299,216
Minerva Neurosciences, Inc.(a)
  22,416 80,922
Mirati Therapeutics, Inc.(a)
  20,380 2,326,785
Molecular Templates, Inc.(a)
  9,835 135,625
Momenta Pharmaceuticals, Inc.(a)(b)
  80,405 2,675,074
Morphic Holding, Inc.(a)
  13,151 355,735
Natera, Inc.(a)
  34,844 1,737,322
Neoleukin Therapeutics, Inc.(a)
  14,264 236,782
NextCure, Inc.(a)
  3,678 78,856
Novavax, Inc.(a)
  14,388 1,199,240
Nymox Pharmaceutical Corp.(a)(b)
  4,639 16,468
OPKO Health, Inc.(a)
  97,108 331,138
Organogenesis Holdings, Inc.(a)
  21,460 82,406
ORIC Pharmaceuticals, Inc.(a)(b)
  4,367 147,299
Oyster Point Pharma, Inc.(a)
  4,021 116,126
Pieris Pharmaceuticals, Inc.(a)
  25,446 78,883
Portola Pharmaceuticals, Inc.(a)(b)
  45,413 816,980
Precigen, Inc.(a)(b)
  13,780 68,762
Precision BioSciences, Inc.(a)
  20,408 169,999
Prevail Therapeutics, Inc.(a)
  30,692 457,311
Principia Biopharma, Inc.(a)
  12,283 734,401
Protagonist Therapeutics, Inc.(a)
  21,835 385,606
Prothena Corp. PLC(a)
  14,724 154,013
PTC Therapeutics, Inc.(a)
  45,506 2,308,974
Puma Biotechnology, Inc.(a)
  51,946 541,797
Radius Health, Inc.(a)
  35,008 477,159
REGENXBIO, Inc.(a)
  38,963 1,435,007
Replimune Group, Inc.(a)(b)
  26,416 656,438
Retrophin, Inc.(a)
  58,602 1,196,067
REVOLUTION Medicines, Inc.(a)
  3,453 109,011
Rigel Pharmaceuticals, Inc.(a)
  416,152 761,558
Rubius Therapeutics, Inc.(a)(b)
  13,802 82,536
Sangamo Therapeutics, Inc.(a)(b)
  144,712 1,296,620
Scholar Rock Holding Corp.(a)
  3,579 65,174
Seres Therapeutics, Inc.(a)
  153,981 732,950
Solid Biosciences, Inc.(a)
  20,393 59,751
Sorrento Therapeutics, Inc.(a)
  32,979 207,108
Spectrum Pharmaceuticals, Inc.(a)
  193,402 653,699
Spero Therapeutics, Inc.(a)
  7,364 99,635
SpringWorks Therapeutics, Inc.(a)
  5,609 235,578
Security   Shares Value
Biotechnology (continued)
Stoke Therapeutics, Inc.(a)
       3,741 $ 89,148
Sutro Biopharma, Inc.(a)
      20,550 159,468
Syndax Pharmaceuticals, Inc.(a)
      35,004 518,759
Syros Pharmaceuticals, Inc.(a)
      30,212 322,060
TG Therapeutics, Inc.(a)
      30,123 586,796
Translate Bio, Inc.(a)
      17,894 320,660
Turning Point Therapeutics, Inc.(a)(b)
      17,152 1,107,848
Twist Bioscience Corp.(a)
      10,280 465,684
Ultragenyx Pharmaceutical, Inc.(a)(b)
      46,301 3,621,664
UNITY Biotechnology, Inc.(a)(b)
      50,781 440,779
UroGen Pharma Ltd.(a)(b)
       9,546 249,342
Vanda Pharmaceuticals, Inc.(a)
      36,535 417,960
Veracyte, Inc.(a)
      59,903 1,551,488
Vericel Corp.(a)(b)
      22,744 314,322
Vir Biotechnology, Inc.(a)(b)
      38,839 1,591,234
Voyager Therapeutics, Inc.(a)
      23,466 296,141
vTv Therapeutics, Inc., Class A(a)
           2 4
Xencor, Inc.(a)
      50,153 1,624,456
Y-mAbs Therapeutics, Inc.(a)
      12,601 544,363
ZIOPHARM Oncology, Inc.(a)(b)
      39,399 129,229
      115,138,615
Building Products — 1.5%
AAON, Inc.
      19,419 1,054,258
Advanced Drainage Systems, Inc.
  38,289 1,891,477
American Woodmark Corp.(a)
  7,022 531,214
Builders FirstSource, Inc.(a)
  87,852 1,818,536
Gibraltar Industries, Inc.(a)
  4,303 206,587
Masonite International Corp.(a)
  7,203 560,249
PGT Innovations, Inc.(a)
  6,317 99,051
Trex Co., Inc.(a)
  18,769 2,441,284
UFP Industries, Inc.
  22,206 1,099,419
      9,702,075
Capital Markets — 1.5%
Ares Management Corp., Class A
  7,834 311,010
Artisan Partners Asset Management, Inc., Class A
  10,174 330,655
Cohen & Steers, Inc.
  14,406 980,328
Federated Hermes, Inc.
  52,742 1,249,985
Focus Financial Partners, Inc., Class A(a)
  10,892 359,981
Hamilton Lane, Inc., Class A
  45,152 3,041,890
Houlihan Lokey, Inc.
  20,565 1,144,237
Moelis & Co., Class A
  25,043 780,340
PJT Partners, Inc., Class A
  4,268 219,119
Pzena Investment Management, Inc., Class A
  5,425 29,512
Virtus Investment Partners, Inc.
  6,874 799,377
WisdomTree Investments, Inc.
  63,514 220,394
      9,466,828
Chemicals — 1.0%
Balchem Corp.
  39,011 3,700,583
Chase Corp.
  1,208 123,820
Ingevity Corp.(a)
  34,680 1,823,128
Innospec, Inc.
  6,761 522,287
Trinseo SA
  18,638 413,018
      6,582,836
Commercial Services & Supplies — 1.5%
Advanced Disposal Services, Inc.(a)
  30,158 909,867
Brink’s Co.
  5,761 262,183
Cimpress PLC(a)
  4,071 310,780
Healthcare Services Group, Inc.
  33,203 812,145
Kimball International, Inc., Class B
  16,382 189,376
McGrath RentCorp
  50,481 2,726,479
Mobile Mini, Inc.
  32,114 947,363
 
2
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Commercial Services & Supplies (continued)
MSA Safety, Inc.
       2,766 $ 316,541
Steelcase, Inc., Class A
     104,527 1,260,596
Tetra Tech, Inc.
      25,639 2,028,558
      9,763,888
Communications Equipment — 0.5%
Acacia Communications, Inc.(a)
      14,039 943,280
Calix, Inc.(a)
      67,820 1,010,518
Ciena Corp.(a)
       9,274 502,280
Extreme Networks, Inc.(a)
      50,237 218,029
InterDigital, Inc.
       7,985 452,191
NETGEAR, Inc.(a)
       2,959 76,608
Plantronics, Inc.
       5,710 83,823
Resonant, Inc.(a)
      37,346 87,016
      3,373,745
Construction & Engineering — 1.1%
Comfort Systems USA, Inc.
      78,342 3,192,436
Dycom Industries, Inc.(a)
      13,536 553,487
EMCOR Group, Inc.
      32,575 2,154,511
MasTec, Inc.(a)(b)
      27,258 1,223,066
MYR Group, Inc.(a)
       2,415 77,063
      7,200,563
Construction Materials — 0.0%
Summit Materials, Inc., Class A(a)
       9,466 152,213
Consumer Finance — 0.5%
FirstCash, Inc.
  34,862 2,352,488
Green Dot Corp., Class A(a)
  16,126 791,464
Regional Management Corp.(a)
  100 1,771
      3,145,723
Distributors — 0.1%
Core-Mark Holding Co., Inc.
  29,585 738,294
Diversified Consumer Services — 0.7%
Chegg, Inc.(a)
  21,271 1,430,688
Perdoceo Education Corp.(a)
  17,404 277,246
Strategic Education, Inc.
  17,256 2,651,384
WW International, Inc.(a)
  15,664 397,552
      4,756,870
Diversified Telecommunication Services — 0.8%
Bandwidth, Inc., Class A(a)
  7,829 994,283
Cogent Communications Holdings, Inc.
  25,110 1,942,510
IDT Corp., Class B(a)
  16,274 106,269
Ooma, Inc.(a)
  82,386 1,357,721
Vonage Holdings Corp.(a)
  88,430 889,606
      5,290,389
Electric Utilities — 0.1%
El Paso Electric Co.
  4,092 274,164
IDACORP, Inc.
  7,292 637,102
      911,266
Electrical Equipment — 1.0%
Atkore International Group, Inc.(a)
  48,653 1,330,659
Generac Holdings, Inc.(a)
  24,204 2,951,194
Plug Power, Inc.(a)
  166,451 1,366,563
Sunrun, Inc.(a)
  28,706 566,082
TPI Composites, Inc.(a)
  7,753 181,188
Vivint Solar, Inc.(a)
  8,461 83,764
      6,479,450
Electronic Equipment, Instruments & Components — 2.1%
Badger Meter, Inc.
  5,639 354,806
ePlus, Inc.(a)
  33,550 2,371,314
Security   Shares Value
Electronic Equipment, Instruments & Components (continued)
Fabrinet(a)
       3,307 $ 206,423
FARO Technologies, Inc.(a)
      13,463 721,617
Fitbit, Inc., Class A(a)
     266,567 1,722,023
II-VI, Inc.(a)
      20,183 953,041
Itron, Inc.(a)
      10,205 676,081
Novanta, Inc.(a)
      11,311 1,207,676
OSI Systems, Inc.(a)(b)
      38,672 2,886,478
PC Connection, Inc.
      41,783 1,937,060
ScanSource, Inc.(a)
       9,571 230,565
      13,267,084
Energy Equipment & Services — 0.1%
Aspen Aerogels, Inc.(a)
          30 198
Cactus, Inc., Class A
      21,391 441,296
RPC, Inc.
      38,141 117,474
      558,968
Entertainment — 0.1%
Glu Mobile, Inc.(a)
      75,621 701,007
Equity Real Estate Investment Trusts (REITs) — 3.0%
Acadia Realty Trust
      26,716 346,774
CareTrust REIT, Inc.
      26,356 452,269
DiamondRock Hospitality Co.
      24,618 136,138
EastGroup Properties, Inc.
      38,438 4,559,131
Essential Properties Realty Trust, Inc.
       5,142 76,307
First Industrial Realty Trust, Inc.
  6,185 237,751
Four Corners Property Trust, Inc.
  76,918 1,876,799
National Storage Affiliates Trust
  22,476 644,162
NexPoint Residential Trust, Inc.(b)
  39,083 1,381,584
Plymouth Industrial REIT, Inc.
  14,590 186,752
PS Business Parks, Inc.
  3,344 442,746
QTS Realty Trust, Inc., Class A
  101,550 6,508,339
Ryman Hospitality Properties, Inc.
  24,947 863,166
Terreno Realty Corp.
  13,440 707,482
Uniti Group, Inc.
  98,228 918,432
      19,337,832
Food & Staples Retailing — 0.3%
BJ’s Wholesale Club Holdings, Inc.(a)
  41,506 1,546,929
Natural Grocers by Vitamin Cottage, Inc.
  11,816 175,822
      1,722,751
Food Products — 2.0%
Calavo Growers, Inc.
  40,259 2,532,694
Freshpet, Inc.(a)(b)
  43,970 3,678,530
J & J Snack Foods Corp.
  20,685 2,629,684
John B. Sanfilippo & Son, Inc.
  13,533 1,154,771
Lancaster Colony Corp.
  16,960 2,628,630
      12,624,309
Gas Utilities — 0.7%
New Jersey Resources Corp.
  71,163 2,323,472
Northwest Natural Holding Co.
  7,869 439,011
ONE Gas, Inc.
  5,798 446,736
Southwest Gas Holdings, Inc.
  19,052 1,315,541
      4,524,760
Health Care Equipment & Supplies — 5.4%
Accelerate Diagnostics, Inc.(a)(b)
  15,478 234,647
Accuray, Inc.(a)
  64,912 131,771
AtriCure, Inc.(a)
  35,278 1,585,746
Atrion Corp.
  1,294 824,291
Axogen, Inc.(a)(b)
  22,214 205,257
Axonics Modulation Technologies, Inc.(a)
  3,392 119,093
Cantel Medical Corp.
  1,928 85,275
 
3
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Health Care Equipment & Supplies (continued)
Cardiovascular Systems, Inc.(a)
      36,783 $ 1,160,504
Cerus Corp.(a)
     150,790 995,214
CONMED Corp.
       3,204 230,656
CryoLife, Inc.(a)
       2,968 56,897
Cutera, Inc.(a)
       4,725 57,503
GenMark Diagnostics, Inc.(a)(b)
      37,563 552,552
Glaukos Corp.(a)
      32,084 1,232,667
Globus Medical, Inc., Class A(a)
      55,969 2,670,281
Haemonetics Corp.(a)
      20,006 1,791,737
Heska Corp.(a)
       1,152 107,332
Inogen, Inc.(a)(b)
      19,542 694,132
Integer Holdings Corp.(a)
      24,506 1,790,163
iRadimed Corp.(a)(b)
      10,456 242,684
iRhythm Technologies, Inc.(a)
      14,704 1,704,047
LeMaitre Vascular, Inc.
      27,114 715,810
LivaNova PLC(a)
      25,940 1,248,492
Meridian Bioscience, Inc.(a)
       3,046 70,941
Merit Medical Systems, Inc.(a)
      37,724 1,722,101
Natus Medical, Inc.(a)
       7,299 159,264
Neogen Corp.(a)
      28,675 2,225,180
Nevro Corp.(a)
      20,596 2,460,604
Novocure Ltd.(a)
      24,416 1,447,869
NuVasive, Inc.(a)
      22,879 1,273,445
OraSure Technologies, Inc.(a)
  66,281 770,848
Quotient Ltd.(a)
  40,437 299,234
SeaSpine Holdings Corp.(a)
  10,422 109,118
Shockwave Medical, Inc.(a)
  22,069 1,045,409
SI-BONE, Inc.(a)
  47,780 761,613
Silk Road Medical, Inc.(a)
  16,599 695,332
Tactile Systems Technology, Inc.(a)
  17,086 707,873
Tandem Diabetes Care, Inc.(a)(b)
  4,728 467,694
TransMedics Group, Inc.(a)(b)
  27,249 488,302
Vapotherm, Inc.(a)
  16,258 666,415
Varex Imaging Corp.(a)
  5,925 89,764
VolitionRX Ltd.(a)
  35,738 139,021
Wright Medical Group NV(a)
  5,986 177,904
Zynex, Inc.(a)
  8,759 217,836
      34,432,518
Health Care Providers & Services — 2.9%
1Life Healthcare, Inc.(a)
  2,934 106,563
Addus HomeCare Corp.(a)
  1,595 147,633
AMN Healthcare Services, Inc.(a)(b)
  33,323 1,507,532
BioTelemetry, Inc.(a)(b)
  35,895 1,622,095
Catasys, Inc.(a)
  3,378 83,572
CorVel Corp.(a)
  7,634 541,174
Ensign Group, Inc.
  28,686 1,200,509
HealthEquity, Inc.(a)
  45,380 2,662,445
Joint Corp.(a)
  16,901 258,078
LHC Group, Inc.(a)
  22,468 3,916,622
Magellan Health, Inc.(a)
  4,666 340,525
National Research Corp.
  6,062 352,869
Option Care Health, Inc.(a)
  14,161 196,555
PetIQ, Inc.(a)
  20,995 731,466
Progyny, Inc.(a)
  17,730 457,611
RadNet, Inc.(a)
  14,088 223,576
Select Medical Holdings Corp.(a)
  96,915 1,427,558
Tenet Healthcare Corp.(a)
  19,107 346,028
U.S. Physical Therapy, Inc.
  27,002 2,187,702
Viemed Healthcare, Inc.(a)
  29,396 282,202
      18,592,315
Health Care Technology — 2.5%
Allscripts Healthcare Solutions, Inc.(a)
  79,876 540,761
Security   Shares Value
Health Care Technology (continued)
Castlight Health, Inc., Class B(a)(b)
     212,342 $ 176,244
Evolent Health, Inc., Class A(a)
      32,248 229,606
Health Catalyst, Inc.(a)
      14,171 413,368
HMS Holdings Corp.(a)
      54,122 1,753,012
Inovalon Holdings, Inc., Class A(a)
     122,414 2,357,694
Inspire Medical Systems, Inc.(a)
      14,956 1,301,471
Livongo Health, Inc.(a)(b)
       3,735 280,835
NextGen Healthcare, Inc.(a)
      32,595 357,893
Omnicell, Inc.(a)(b)
      37,218 2,628,335
Phreesia, Inc.(a)
      77,176 2,182,537
Schrodinger, Inc.(a)
       3,143 287,804
Tabula Rasa HealthCare, Inc.(a)
       6,859 375,393
Teladoc Health, Inc.(a)
      10,761 2,053,629
Vocera Communications, Inc.(a)(b)
      47,136 999,283
      15,937,865
Hotels, Restaurants & Leisure — 3.9%
Bloomin’ Brands, Inc.
      35,806 381,692
Brinker International, Inc.
      15,517 372,408
Cheesecake Factory, Inc.(b)
      69,350 1,589,502
Churchill Downs, Inc.(b)
      25,868 3,444,324
Cracker Barrel Old Country Store, Inc.
       8,532 946,284
Dave & Buster’s Entertainment, Inc.
      11,586 154,441
Denny’s Corp.(a)
      52,850 533,785
Dine Brands Global, Inc.
  5,544 233,402
Eldorado Resorts, Inc.(a)(b)
  54,245 2,173,055
Everi Holdings, Inc.(a)
  50,234 259,208
GAN Ltd.(a)
  11,767 299,470
Hilton Grand Vacations, Inc.(a)
  59,177 1,156,910
Jack in the Box, Inc.
  1,083 80,240
Papa John’s International, Inc.
  13,558 1,076,641
Penn National Gaming, Inc.(a)
  61,620 1,881,875
Red Rock Resorts, Inc., Class A
  21,712 236,878
Ruth’s Hospitality Group, Inc.
  20,148 164,408
Scientific Games Corp.(a)(b)
  43,046 665,491
SeaWorld Entertainment, Inc.(a)
  13,498 199,905
Shake Shack, Inc., Class A(a)
  14,002 741,826
Target Hospitality Corp.(a)(b)
  81,315 137,422
Texas Roadhouse, Inc.
  92,439 4,859,518
Wingstop, Inc.
  22,871 3,178,383
      24,767,068
Household Durables — 1.8%
Cavco Industries, Inc.(a)(b)
  1,804 347,901
GoPro, Inc., Class A(a)
  30,191 143,709
Helen of Troy Ltd.(a)
  11,852 2,234,813
Installed Building Products, Inc.(a)
  1,139 78,341
iRobot Corp.(a)
  19,928 1,671,959
La-Z-Boy, Inc.
  18,451 499,284
LGI Homes, Inc.(a)
  6,870 604,766
MDC Holdings, Inc.
  100,652 3,593,277
Purple Innovation, Inc.(a)
  15,600 280,800
Skyline Champion Corp.(a)
  11,907 289,816
Sonos, Inc.(a)
  25,785 377,235
TopBuild Corp.(a)(b)
  10,678 1,214,836
      11,336,737
Household Products — 0.3%
Central Garden & Pet Co.(a)
  1,988 71,548
Central Garden & Pet Co., Class A(a)
  21,027 710,502
WD-40 Co.(b)
  5,043 1,000,027
      1,782,077
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.
  8,644 548,808
 
4
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Insurance — 1.2%
BRP Group, Inc., Class A(a)
      11,400 $ 196,878
eHealth, Inc.(a)
      13,550 1,331,152
Kinsale Capital Group, Inc.(b)
      10,313 1,600,681
National General Holdings Corp.
      43,027 929,813
RLI Corp.
      28,161 2,312,018
Trupanion, Inc.(a)
      30,751 1,312,760
United Insurance Holdings Corp.
      14,000 109,480
Universal Insurance Holdings, Inc.
       5,170 91,768
      7,884,550
Interactive Media & Services — 0.9%
Cargurus, Inc.(a)(b)
      53,794 1,363,678
Eventbrite, Inc., Class A(a)
      12,582 107,828
EverQuote, Inc., Class A(a)
      14,750 857,860
QuinStreet, Inc.(a)
      44,294 463,315
TrueCar, Inc.(a)
      85,047 219,421
Yelp, Inc.(a)
      32,072 741,825
ZoomInfo Technologies, Inc., Class A(a)
      41,167 2,100,752
      5,854,679
Internet & Direct Marketing Retail — 1.0%
1-800-Flowers.com, Inc., Class A(a)
      47,708 955,114
Leaf Group Ltd.(a)
      12,624 46,330
Overstock.com, Inc.(a)
      35,267 1,002,641
RealReal, Inc.(a)
      51,016 652,495
Rubicon Project, Inc.(a)
  13,657 91,092
Shutterstock, Inc.
  20,750 725,628
Stamps.com, Inc.(a)
  10,119 1,858,759
Stitch Fix, Inc., Class A(a)
  39,111 975,428
      6,307,487
IT Services — 2.5%
Brightcove, Inc.(a)
  14,382 113,330
Cardtronics PLC, Class A(a)
  2,937 70,429
CSG Systems International, Inc.
  59,599 2,466,803
Evo Payments, Inc., Class A(a)(b)
  17,345 395,986
Grid Dynamics Holdings, Inc.(a)
  38,564 266,092
Hackett Group, Inc.
  88,004 1,191,574
International Money Express, Inc.(a)
  78,051 972,516
KBR, Inc.
  42,811 965,388
LiveRamp Holdings, Inc.(a)
  12,521 531,767
ManTech International Corp., Class A
  38,229 2,618,304
MAXIMUS, Inc.
  37,989 2,676,325
NIC, Inc.
  16,346 375,304
Perficient, Inc.(a)
  31,939 1,142,777
Perspecta, Inc.
  18,578 431,567
PFSweb, Inc.(a)
  10,272 68,617
Repay Holdings Corp.(a)
  5,652 139,209
Verra Mobility Corp.(a)
  102,572 1,054,440
Virtusa Corp.(a)
  19,857 644,757
      16,125,185
Leisure Products — 0.5%
Malibu Boats, Inc., Class A(a)
  24,653 1,280,723
YETI Holdings, Inc.(a)
  45,205 1,931,610
      3,212,333
Life Sciences Tools & Services — 1.4%
Codexis, Inc.(a)
  44,059 502,273
Fluidigm Corp.(a)
  15,922 63,847
Luminex Corp.
  34,081 1,108,655
Medpace Holdings, Inc.(a)
  21,829 2,030,534
NanoString Technologies, Inc.(a)
  36,184 1,062,000
NeoGenomics, Inc.(a)
  74,728 2,315,073
Pacific Biosciences of California, Inc.(a)
  137,542 474,520
Security   Shares Value
Life Sciences Tools & Services (continued)
Personalis, Inc.(a)
      30,787 $ 399,307
Quanterix Corp.(a)(b)
       8,869 242,922
Repligen Corp.(a)
       5,337 659,707
      8,858,838
Machinery — 2.5%
Albany International Corp., Class A
       2,229 130,865
Blue Bird Corp.(a)
      74,307 1,113,862
ESCO Technologies, Inc.
      50,604 4,277,556
Evoqua Water Technologies Corp.(a)
      91,577 1,703,332
Federal Signal Corp.
      46,480 1,381,850
Franklin Electric Co., Inc.
      15,753 827,347
Hillenbrand, Inc.
      15,998 433,066
John Bean Technologies Corp.
      17,734 1,525,479
Miller Industries, Inc.
       6,108 181,835
Proto Labs, Inc.(a)
      15,745 1,770,840
RBC Bearings, Inc.(a)
      12,367 1,657,673
SPX Corp.(a)
      12,503 514,498
Wabash National Corp.
       8,872 94,221
Watts Water Technologies, Inc., Class A
       1,303 105,543
Welbilt, Inc.(a)
      46,288 281,894
      15,999,861
Media — 0.4%
Cardlytics, Inc.(a)
      14,213 994,626
iHeartMedia, Inc., Class A(a)(b)
  18,183 151,828
MSG Networks, Inc., Class A(a)
  16,770 166,861
TechTarget, Inc.(a)
  33,869 1,017,086
Tremor International Ltd.(a)
  2,418 4,524
      2,334,925
Metals & Mining — 0.6%
Materion Corp.
  28,320 1,741,397
Novagold Resources, Inc.(a)
  258,774 2,375,545
Ryerson Holding Corp.(a)
  18,782 105,743
      4,222,685
Multiline Retail — 0.2%
Big Lots, Inc.
  27,443 1,152,606
Multi-Utilities — 0.2%
NorthWestern Corp.
  20,998 1,144,811
Oil, Gas & Consumable Fuels — 0.1%
Brigham Minerals, Inc., Class A
  25,618 316,382
Evolution Petroleum Corp.
  152,902 428,126
Montage Resources Corp.(a)
  1 4
      744,512
Paper & Forest Products — 0.5%
Boise Cascade Co.
  72,558 2,728,906
Louisiana-Pacific Corp.
  16,670 427,586
      3,156,492
Personal Products — 0.3%
BellRing Brands, Inc., Class A(a)
  4,733 94,376
elf Beauty, Inc.(a)
  17,904 341,429
Inter Parfums, Inc.
  5,087 244,939
Medifast, Inc.
  4,358 604,760
USANA Health Sciences, Inc.(a)
  5,734 421,048
      1,706,552
Pharmaceuticals — 3.6%
Aerie Pharmaceuticals, Inc.(a)
  57,061 842,220
Amneal Pharmaceuticals, Inc.(a)(b)
  127,464 606,729
Amphastar Pharmaceuticals, Inc.(a)
  86,281 1,937,871
Arvinas, Inc.(a)
  13,502 452,857
 
5
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Pharmaceuticals (continued)
Axsome Therapeutics, Inc.(a)
      12,847 $ 1,057,051
BioDelivery Sciences International, Inc.(a)(b)
     107,008 466,555
Cara Therapeutics, Inc.(a)(b)
      38,518 658,658
Corcept Therapeutics, Inc.(a)
      78,178 1,314,954
Eloxx Pharmaceuticals, Inc.(a)
      30,661 92,903
Innoviva, Inc.(a)(b)
     104,049 1,454,605
Intersect ENT, Inc.(a)
      52,522 711,148
Intra-Cellular Therapies, Inc.(a)
       3,552 91,180
Liquidia Technologies, Inc.(a)
       5,454 45,923
MyoKardia, Inc.(a)
      20,908 2,020,131
NGM Biopharmaceuticals, Inc.(a)
      45,120 890,669
Omeros Corp.(a)
      57,263 842,911
Pacira BioSciences, Inc.(a)
      42,175 2,212,922
Phibro Animal Health Corp., Class A
      13,579 356,720
Prestige Consumer Healthcare, Inc.(a)
      11,790 442,832
Provention Bio, Inc.(a)
       7,108 100,294
resTORbio, Inc.(a)
      46,851 100,730
Revance Therapeutics, Inc.(a)
       7,475 182,539
Satsuma Pharmaceuticals, Inc.(a)
       2,229 64,106
Supernus Pharmaceuticals, Inc.(a)
      73,541 1,746,599
TherapeuticsMD, Inc.(a)(b)
     313,929 392,411
Theravance Biopharma, Inc.(a)
      79,222 1,662,870
Tricida, Inc.(a)
      30,765 845,422
WaVe Life Sciences Ltd.(a)
  32,317 336,420
Zogenix, Inc.(a)
  35,163 949,753
      22,879,983
Professional Services — 2.2%
ASGN, Inc.(a)(b)
  30,950 2,063,746
CRA International, Inc.
  17,296 683,192
Exponent, Inc.
  36,524 2,955,887
Forrester Research, Inc.(a)
  18,746 600,622
Franklin Covey Co.(a)
  59,310 1,269,234
ICF International, Inc.
  11,066 717,409
Insperity, Inc.
  28,461 1,842,281
Kforce, Inc.
  87,837 2,569,232
TriNet Group, Inc.(a)
  23,885 1,455,552
      14,157,155
Real Estate Management & Development — 0.6%
Marcus & Millichap, Inc.(a)
  17,462 503,953
RE/MAX Holdings, Inc., Class A
  8,238 258,921
Redfin Corp.(a)
  50,953 2,135,440
RMR Group, Inc., Class A
  31,902 940,152
      3,838,466
Road & Rail — 0.8%
Avis Budget Group, Inc.(a)
  8,222 188,202
Covenant Transportation Group, Inc., Class A(a)
  9,932 143,319
Heartland Express, Inc.
  42,276 880,186
Marten Transport Ltd.
  15,750 396,270
Saia, Inc.(a)(b)
  21,422 2,381,698
Universal Logistics Holdings, Inc.
  43,741 760,218
Werner Enterprises, Inc.
  10,602 461,505
      5,211,398
Semiconductors & Semiconductor Equipment — 4.3%
Advanced Energy Industries, Inc.(a)
  25,753 1,745,796
Ambarella, Inc.(a)
  34,960 1,601,168
Amkor Technology, Inc.(a)
  66,081 813,457
Axcelis Technologies, Inc.(a)
  24,054 669,904
Brooks Automation, Inc.
  42,176 1,865,866
Cabot Microelectronics Corp.
  7,786 1,086,458
Cirrus Logic, Inc.(a)
  62,131 3,838,453
CyberOptics Corp.(a)
  3,555 114,507
Security   Shares Value
Semiconductors & Semiconductor Equipment (continued)
FormFactor, Inc.(a)(b)
      87,215 $ 2,558,016
GSI Technology, Inc.(a)
      10,503 75,411
Ichor Holdings Ltd.(a)
       5,268 140,023
Inphi Corp.(a)
      10,489 1,232,457
Lattice Semiconductor Corp.(a)
      29,046 824,616
MaxLinear, Inc.(a)
      45,945 985,980
Onto Innovation, Inc.(a)
       2,119 72,131
Power Integrations, Inc.
      17,007 2,009,037
Rambus, Inc.(a)
      84,889 1,290,313
Semtech Corp.(a)
      44,249 2,310,683
Silicon Laboratories, Inc.(a)
      21,802 2,186,086
SiTime Corp.(a)
       1,736 82,304
Synaptics, Inc.(a)
      29,955 1,800,895
      27,303,561
Software — 10.1%
8x8, Inc.(a)(b)
     146,853 2,349,648
A10 Networks, Inc.(a)
     139,819 952,167
ACI Worldwide, Inc.(a)
      44,418 1,198,842
Alarm.com Holdings, Inc.(a)(b)
      32,317 2,094,465
Altair Engineering, Inc., Class A(a)
      53,145 2,112,514
American Software, Inc., Class A
       3,666 57,776
Appfolio, Inc., Class A(a)(b)
      14,920 2,427,633
Appian Corp.(a)
      14,691 752,914
Avaya Holdings Corp.(a)
  17,700 218,772
Benefitfocus, Inc.(a)(b)
  155,593 1,674,181
Blackbaud, Inc.
  30,424 1,736,602
Blackline, Inc.(a)
  11,262 933,732
Bottomline Technologies DE, Inc.(a)
  49,429 2,509,510
Box, Inc., Class A(a)(b)
  144,215 2,993,903
ChannelAdvisor Corp.(a)
  5,617 88,973
Cloudera, Inc.(a)
  4,808 61,158
CommVault Systems, Inc.(a)
  32,427 1,254,925
Cornerstone OnDemand, Inc.(a)
  27,312 1,053,151
Domo, Inc., Class B(a)
  11,129 358,020
Everbridge, Inc.(a)
  5,958 824,349
Five9, Inc.(a)(b)
  14,329 1,585,790
ForeScout Technologies, Inc.(a)
  18,719 396,843
J2 Global, Inc.
  28,420 1,796,428
LivePerson, Inc.(a)
  35,010 1,450,464
MicroStrategy, Inc., Class A(a)
  2,454 290,284
Model N, Inc.(a)
  34,307 1,192,511
Paylocity Holding Corp.(a)(b)
  6,658 971,336
Ping Identity Holding Corp.(a)(b)
  48,011 1,540,673
Progress Software Corp.
  26,725 1,035,594
PROS Holdings, Inc.(a)
  31,275 1,389,548
Q2 Holdings, Inc.(a)
  17,519 1,502,955
Qualys, Inc.(a)(b)
  60,361 6,278,751
Rapid7, Inc.(a)(b)
  65,482 3,340,892
Rimini Street, Inc.(a)
  59,603 306,955
RingCentral, Inc., Class A(a)
  7,628 2,174,056
Rosetta Stone, Inc.(a)
  4,758 80,220
Sailpoint Technologies Holdings, Inc.(a)
  27,957 740,022
Sapiens International Corp. NV
  10,450 292,391
Sprout Social, Inc., Class A(a)
  12,216 329,832
SPS Commerce, Inc.(a)
  55,965 4,204,091
SVMK, Inc.(a)
  52,786 1,242,582
Telenav, Inc.(a)
  15,497 85,079
Tenable Holdings, Inc.(a)
  14,865 443,126
Varonis Systems, Inc.(a)
  22,274 1,970,803
Verint Systems, Inc.(a)
  24,137 1,090,510
Workiva, Inc.(a)(b)
  10,841 579,885
Yext, Inc.(a)
  129,577 2,152,274
 
6
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Software (continued)
Zix Corp.(a)(b)
      11,127 $ 76,776
Zuora, Inc., Class A(a)(b)
      26,973 343,906
      64,537,812
Specialty Retail — 1.7%
Aaron’s, Inc.
      15,454 701,612
America’s Car-Mart, Inc.(a)(b)
       8,227 722,907
Asbury Automotive Group, Inc.(a)
      20,056 1,550,930
Boot Barn Holdings, Inc.(a)
       8,191 176,598
Camping World Holdings, Inc., Class A
      24,720 671,395
Children’s Place, Inc.
       8,812 329,745
Haverty Furniture Cos., Inc.
          12 192
Lithia Motors, Inc., Class A
       3,497 529,201
MarineMax, Inc.(a)
      30,774 689,030
Monro, Inc.
       8,344 458,419
Murphy USA, Inc.(a)
       4,304 484,587
National Vision Holdings, Inc.(a)(b)
      30,530 931,776
RH(a)
      11,541 2,872,555
Shoe Carnival, Inc.
       3,557 104,113
Sleep Number Corp.(a)
       8,441 351,483
Sportsman’s Warehouse Holdings, Inc.(a)
      11,004 156,807
      10,731,350
Technology Hardware, Storage & Peripherals — 0.0%
Immersion Corp.(a)
      10,285 64,076
Textiles, Apparel & Luxury Goods — 1.1%
Crocs, Inc.(a)
  72,434 2,667,020
Deckers Outdoor Corp.(a)
  12,027 2,361,983
Oxford Industries, Inc.
  4,433 195,096
Steven Madden Ltd.
  83,435 2,060,010
      7,284,109
Thrifts & Mortgage Finance — 0.1%
Federal Agricultural Mortgage Corp., Class C
  5,891 377,083
Premier Financial Corp.
  19,531 345,113
Riverview Bancorp, Inc.
  32,170 181,760
      903,956
Tobacco — 0.1%
Vector Group Ltd.
  42,620 428,757
Trading Companies & Distributors — 1.4%
Applied Industrial Technologies, Inc.
  50,790 3,168,788
Foundation Building Materials, Inc.(a)
  52,872 825,332
H&E Equipment Services, Inc.
  35,092 648,500
Herc Holdings, Inc.(a)
  35,581 1,093,404
SiteOne Landscape Supply, Inc.(a)(b)
  31,491 3,589,030
      9,325,054
Water Utilities — 0.7%
American States Water Co.
  38,101 2,995,882
California Water Service Group
  18,755 894,613
SJW Group
  10,641 660,912
York Water Co.
  1,509 72,372
      4,623,779
Wireless Telecommunication Services — 0.3%
Boingo Wireless, Inc.(a)
  19,747 263,030
Shenandoah Telecommunications Co.
  32,801 1,616,761
      1,879,791
Total Common Stocks — 96.1%

(Cost: $547,642,850)
615,828,296
Security   Shares Value
Preferred Securities
Preferred Stocks — 0.7%
Household Durables — 0.0%
AliphCom      
Series 6 (Acquired 06/03/14, cost $0)(a)(c)(d)(e)
       8,264 $ —
Series 8 (Acquired 08/31/15, cost $1,174,984)(a)(c)(d)(e)
     192,156 2
      2
Software — 0.7%
Illumio, Inc., Series C (Acquired 03/10/15, cost $1,000,317)(a)(d)(e)
     311,155 1,546,440
Palantir Technologies, Inc., Series I (Acquired 02/06/14, cost $2,499,998)(a)(d)(e)
     407,830 2,801,792
      4,348,232
Total Preferred Securities — 0.7%

(Cost: $4,675,299)
4,348,234
Rights
Metals & Mining — 0.0%
Pan American Silver Corp., CVR(a)
      57,348 39,341
Pharmaceuticals — 0.0%
H. Lundbeck A/S, CVR(a)(d)
      46,530 40,946
Total Rights — 0.0%

(Cost: $ —)
80,287
Total Long-Term Investments — 96.8%

(Cost: $552,318,149)
620,256,817
Short-Term Securities(f)(g)
Money Market Funds — 9.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.11%
  20,440,412 20,440,412
SL Liquidity Series, LLC, Money Market Series, 0.50%(h)
  41,881,389 41,914,894
Total Short-Term Securities — 9.8%

(Cost: $62,321,387)
62,355,306
Total Investments — 106.6%

(Cost: $614,639,536)
682,612,123
Liabilities in Excess of Other Assets — (6.6)%
(41,984,094)
Net Assets — 100.0%
$ 640,628,029
(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Issuer filed for bankruptcy and/or is in default.
(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,348,234, representing 0.7% of its net assets as of period end, and an original cost of $4,675,299.
(f) Affiliate of the Fund.
(g) Annualized 7-day yield as of period end.
(h) All or a portion of this security was purchased with the cash collateral from loaned securities.
 
7
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended June 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer Shares
Held at
09/30/19 		Shares
Purchased 		Shares
Sold 		Shares
Held at
06/30/20 		Value at
06/30/20 		  Income   Net
Realized
Gain (Loss)(a) 		  Change in
Unrealized
Appreciation
(Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class
5,370,690 15,069,722(b) — 20,440,412  $ 20,440,412   $ 50,875   $ 13    $ — 
SL Liquidity Series, LLC, Money Market Series
42,970,281 — (1,088,892)(b) 41,881,389  41,914,894   326,413(c)   900    26,542 
          $ 62,355,306   $ 377,288   $ 913   $ 26,542
(a) Includes net capital gain distributions, if applicable.
(b) Represents net shares purchased (sold).
(c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Portfolio Abbreviation
CVR Contingent Value Rights
REIT Real Estate Investment Trust
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description Number of
Contracts 		Expiration
Date 		Notional
Amount
(000) 		Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts        
Russell 2000 E-Mini Index
300 09/18/20 $ 21,564 $ 655,729
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•    Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access
•    Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)
•    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
8
Schedule of Investments (unaudited)  (continued)
June 30, 2020
BlackRock Advantage Small Cap Growth Fund
Certain investments of the Fund were fair valued using net asset value per share (“NAV”) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
  Level 1   Level 2   Level 3   Total
Assets              
Investments              
Long-Term Investments              
Common Stocks 
$ 615,828,296   $ —   $ —   $ 615,828,296
Preferred Securities 
—   —   4,348,234   4,348,234
Rights 
39,341   —   40,946   80,287
Short-Term Securities              
Money Market Funds
20,440,412   —   —   20,440,412
  $ 636,308,049   $ —   $ 4,389,180   640,697,229
Investments Valued at NAV(a)
            41,914,894
              $ 682,612,123
Derivative Financial Instruments(b)              
Assets              
Equity Contracts
$ 655,729   $ —   $ —   $ 655,729
  The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
(a) Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
(b) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
9